Monday, August 31, 2015

Peter Schiff on the Fed, Rand Paul, and the Next Financial Crisis

"The bubbles are pretty much everywhere," says investment guru and radio host Peter Schiff, CEO of Euro Pacific Capital. "They are in the stock market, they are in the bond market, they are in the real estate market, they are in the U.S. dollar."

Schiff sat down with Reason's Matt Welch while at FreedomFest 2015 to discuss the dollar, his support of Rand Paul, and his argument that we are already living in another stock bubble.

"The mainstream—the investors, the government, central banks—they never see a crisis until after the fact. And then they go back and they say, 'Well nobody could have possibly predicted this. This was a complete random occurrence that had nothing to do with our policy,'" says Schiff. "They never understood the cause of the bubble that burst in '08. They didn't understand the Fed's role in creating it, so they don't understand that the Fed is simply exacerbating all the problems that everybody believes they solved."